CSX 3Q earnings slip, but EPS meets Street

CSX Corp. Tuesday reported third-quarter net earnings of $455 million, down 2% from the $464 million in the third quarter of 2011. But earnings per share were up 2% year-over-year to 44 cents per share, compared with 43 cents per share in the 2011 quarter, and matching Wall Street consensus estimates.

Total revenue for the quarter fell 2% compared with the third quarter of 2011, as freight carload volume declined. CSX said strong productivity gains offset some of that decline. CSX's operating ratio was 70.5%, virtually the same as 70.4% in the third quarter of 2011.

Traditionally the first Class I railroad to report quarterly earnings, CSX made its results known after U.S. stock markets closed Tuesday. CSX shares were up 18 cents, up 0.84%, to $21.63 at the close of trading Tuesday on the New York Stock Exchange.

"CSX continues to respond well to moderating economic conditions and challenges in our domestic coal business," said Michael J. Ward, chairman, president, and CEO. "The company is driving strong safety, customer service and productivity results while building its capabilities for the long term."

CSX said it saw strong increases in export coal, intermodal, and automotive shipments.